Index ends below 12,000 psychological line

RECORDER REPORT

KARACHI: The KSE-100 index on Tuesday lost 106.16 points and closed at the level of 11,762.72 points due to profit-taking mainly by local investors and institutions.

The market opened on a strong positive note and the index breached 12,000 psychological level to hit 12,041.49 points intra-day high on the back of foreign investors support. The foreign investors emerged net buyers of shares as a fresh net inflow of $2.02 million was witnessed on Tuesday.

However, this momentum could not continue due to profit taking opted by local investors on available levels and the index dropped into negative zone at 11,724.60 points intra-day low level.

Trading activity however reduced as the volumes at ready counter declined to 84.404 million shares as compared to 101.135 million shares traded on Monday.

Total market capitalisation declined by Rs 26 billion to stand at Rs 3.072 trillion. Out of the total 342 active scrips, 163 closed in negative, 70 in positive while the value of 109 stocks remained unchanged.

Fatima Fertilizer Co was the volume leader with 14.996 million shares, however lost Rs 1.23 to close at Rs 25.29. In the other fertilizer sector stocks, Fauji Fertilizer Co (FFC) and Fauji Fertilizer Bin Qasim declined by Rs 4.16 and Rs 1.98 to close at Rs 189.25 and Rs 60.49 with 8.413 million shares and 6.232 million shares respectively while Engro Corp increased by Rs 5.91 to close at Rs 124.14 with 4.914 million shares.

Jahangir Siddiqui Co lost Re 0.23 to close at Rs 5.58 with 5.833 million shares. F. Credit and Inv. decreased by Re 0.29 to close at Rs 4.50 with 5.700 million shares.

NBP increased by Re 0.39 to close at Rs 44.03 with 4.339 million shares. DG Khan Cement lost Re 0.18 to close at Rs 20.88 with 3.716 million shares. Azgard Nine decreased by Re 0.28 to close at Rs 4.01 with 2.715 million shares. Arif Habib Corp declined by Rs 1.11 to close at Rs 30.73 with 1.818 million shares.

Unilever Pak Foods and Engro Corp were the highest gainers increasing by Rs 29.79 and Rs 5.91 to close at Rs 1673.33 and Rs 124.14 respectively while Nestle Pakistan and Bata (Pak) were the worst losers declining by Rs 83.82 and Rs 34.49 to close at Rs 3209.18 and Rs 797.90 respectively.

Ahsan Mehanti at Arif Habib Investments said that the stocks finished lower on institutional profit taking in overbought market. He said that the sentiments remained bearish after fall in global stocks and commodities on unresolved Greece debt crises.

"The investors' interest in oil marketing companies after margins hike, rise in local urea prices, expectations for early resolution in circular debt concerns in energy sector and comfort for Engro gas resumption by SSGC invited intra day recovery in blue-chip stocks," he said. However, the index dropped in the negative zone due profit taking by local investors and institutions, he added.